VILLAR-LED property developer Vista Land & Lifescapes, Inc. (VLL) has set the interest rates of its bond offering as part of its funding initiatives.

In a regulatory filing on Tuesday, VLL said the interest rate for its peso-denominated fixed-rate bonds is at 7.5426% per annum with a tenor of three years due December 2026 Series F, and a 7.6886% interest rate per annum with a tenor of five years due December 2028 Series G.   

On Nov. 20, the Securities and Exchange Commission (SEC) issued the VLL’s certificate of permit to offer securities for sale. 

The offering consists of P6 billion with an oversubscription option of up to P4 billion, which is the first tranche of the company’s three-year P35-billion fixed-rate bond offering.

According to VLL, the bonds will be offered from Nov. 21 to 29 and will be issued on Dec. 6. 

The joint issue managers, joint lead underwriters, and joint bookrunners are China Bank Capital Corp., SB Capital Investment Corp., and Union Bank of the Philippines.

Picazo Buyco Tan Fider & Santos serves as VLL’s counsel while Romulo Mabanta Buenaventura Sayoc & de los Angeles serves as counsel to the joint lead underwriters and joint bookrunners.

“VLL has been rated AAA by Credit Rating and Investors Services Philippines, Inc. (CRISP), while the bonds have been rated PRS Aaa by the Philippine Rating Services Corp. (PhilRatings), which are both the highest ratings assigned by PhilRatings and CRISP,” the company said.

VLL is tycoon Manuel B. Villar, Jr.’s listed holding firm engaged in developing residential subdivisions and construction of housing and condominium units.

For the nine months through September, VLL logged a 70% jump in net income to P8.2 billion from P4.82 billion last year as the company’s consolidated revenue rose 18% to P27.4 billion.

“We are delighted with our results, as we remain optimistic with the industry for the rest of the year with the strong gross domestic product (GDP) growth of 5.9% coupled with sustained growth in overseas Filipino remittance and revenge spending from consumers, all of which contributed to the positive performance of the group,” Mr. Villar said.   

Shares of VLL at the local bourse rose two centavos or 1.22% to P1.66 apiece on Tuesday. — Revin Mikhael D. Ochave